Peeling Cash Off Apple

Can a new breed of irrationally exuberant investor light a fire under Apple's shares? David Einhorn thinks so. That is why he is picking a fight with the company.

Since May 2012, the hedge-fund investor, whose firm Greenlight Capital holds a stake in Apple valued at about $610 million, has been trying to sell the company on a novel idea. Namely, to issue a new class of high-yielding preferred stock to existing investors.